Pre-Listing Appraisals In Southern Maine
For Homeowners and Brokers
Know Your Home's Value Before You Sell! |
What is a pre-listing appraisal?A pre-listing appraisal is just what it sounds like: an appraisal you order independently of your bank before you list your house for sale. While this doesn’t mean that you must list the home for the value indicated on the appraisal, it is a good reference point of market value and more importantly, will help you list your house at a price that will both maximize profit and minimize the days your house sits on the market. We strongly recommend using a pre-listing appraisal as a tool in conjunction with a local and knowledgeable broker who will help you navigate the selling process.
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"I want to let you know that the appraiser was wonderful. He was highly professional, courteous, detailed and conscientious. I was very impressed with every aspect that was included in the appraisal. I have not been involved in the sale of a house prior to this, and I believe I would have a difficult time finding a match to the quality of their work."
~ Faye M. - Pre-Listing Appraisal Client |
I am a Homeowner Working With a Realtor. Should I Still Get a Pre-Listing Appraisal?
While you may get a CMA (comparative market analysis) from your realtor, realtors and appraisers have different methods of arriving at value. CMAs provided by realtors do not cover the scope that a home appraisal entails. Because appraisers have no invested financial interest in your sale, you can trust us for an unbiased, professional opinion based on market reaction.
- An appraisal can use up to 3 approaches to arrive at a value of opinion. CMA's use a limited market data approach.
- An appraisal makes detailed analysis of adjustments.
- Appraisals primarily use sold properties. CMA's use sold, active and expired properties.
- An appraisal gives a specific value. CMA's give a range of values.
- Our pre-listing appraisals are within 5% (or less) of the final sale price 95% of the time. Zillow Zestimates® in Cumberland County are within 5% of the final sale price only 54% of the time. In York county Zestimates® are within 5% of the sale price 57% of the time.
Many times people don’t get a pre-listing appraisal because they are afraid it will come in lower than they want. Home listings that start out way overpriced can languish unsold and end up selling for less than if they were priced more accurately when they first hit the market and buyer interest was by far the highest. Starting high and lowering the price in stages is a risky way to see what the market is willing to pay for your home. A pre-listing appraisal will provide you the insight of what the market is willing to pay, before you list it.
Pre-listing appraisals can increase the profit from the sale of your home. The small investment in a pre-listing appraisal can prevent leaving money on the table. Everyone has heard of sales that fall through when the appraisal comes in much higher or lower than sales price, and its very disappointing for everyone involved. One way to possibly avoid this is to get an appraisal done first. Although there will still be an appraisal from the bank before the sale goes through, this is a good way to try to aim for that appraised value, rather than take a shot in the dark and hope the later appraisal is close.
Are There Other Benefits To A Pre-Listing Appraisal?
CM Appraisals can provide you an appraisal that will help you decide on a realistic list price that in the end will provide you and your buyer a smooth transaction process. However, there are other benefits for you as the seller:
- This report shows the buyer you are serious and informed. It also gives the buyer confidence your that price is justified based on what the market dictates.
- The appraisal can be used as a negotiating tool in the transaction, and make you aware of any last minute repairs you could make to increase the marketability of your home.
Why Should Real Estate Brokers Consider Pre-Listing Appraisals?
Because Your Time = Your Money. Become more efficient and spend that extra time increasing your sales. Don’t wait and let the market determine the sale price. Let us worry about the complex process of determining a credible market value BEFORE you list it. Many top professional realtors in Maine utilize pre-listing appraisals as a tool in determining list price for the clients. Especially when their client is too emotionally attached. We can provide a third party, unbiased determination of true market value for their listing. The property sells faster and their clients net the highest amount possible. CM Appraisals has been performing pre-listing appraisals in Southern Maine for both realtors and individual sellers for over 20 years. Call us today! 207-363-3782
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"I appreciate your work and will definitely recommend your company in the future. " ~ Chris B. -Homeowner
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Learn more about the appraisal process and ways to add real value to your property.
